A Tennessee judge has temporarily blocked the sale of Graceland, ruling that the estate’s uniqueness under Tennessee law makes its loss an irreparable harm. The judge’s decision underscores that the historical significance and unique value of Graceland cannot be compensated for by money alone.
Following the ruling, Graceland issued a statement affirming that the court’s decision has confirmed the invalidity of the claims against them. “There will be no foreclosure,” the statement declared. “Graceland will continue to operate as it has for the past 42 years, providing an exceptional experience for Elvis fans from around the world when they visit his legendary home.”
As of May 21, 2024, Elvis Presley’s granddaughter, Riley Keough, has been challenging what she describes as the “fraudulent” sale of Graceland. The estate, which Presley lived in and is located in Memphis, Tennessee, has become the center of a legal battle. Upon the death of her mother, Lisa Marie Presley, Keough inherited Graceland. She is now in court to prevent a foreclosure sale initiated by a company named Naussany Investments.
Keough’s lawsuit alleges that Naussany Investments is a fictitious entity with no real existence or legal rights to sell the property. According to the suit, last year, Naussany Investments & Private Lending LLC submitted documents claiming that Lisa Marie Presley had borrowed $3.8 million from them, using Graceland as collateral. Keough disputes these claims, asserting that her mother never borrowed such an amount or provided a deed of trust to Naussany Investments. She argues that the documents are fraudulent.
The lawsuit further claims that Naussany Investments is a fabricated entity created to defraud both the Promenade Trust (which holds the estate’s assets) and any potential buyers of Graceland at a fraudulent sale. Elvis Presley Enterprises, which oversees the Presley estate, supports Keough’s position, labeling the sale attempt as fraudulent. They confirmed in a statement that there is no foreclosure sale and that the legal action was necessary to combat the fraud.
Priscilla Presley, Elvis’s ex-wife and Keough’s grandmother, has also publicly expressed her disapproval of the sale attempt. She took to Instagram, sharing a photo of Graceland with a caption reading “It’s a Scam!” This post aligns with the broader response from the Presley family and estate managers, reinforcing their stance against the purported fraudulent sale.
The ongoing legal dispute highlights the complexities and emotional stakes involved in managing and protecting iconic properties like Graceland. For now, the judge’s intervention has put a stop to the foreclosure process, allowing the Presley family to continue their efforts to secure the estate’s legacy and prevent any unauthorized sales.
